Brazilian neobank, which offers digital banking and financial services, has announced the launch of its own cryptocurrency called Nucoin.

Backed by billionaire investor Warren Buffett, Nubank had previously introduced cryptocurrency trading options on its platform in May 2022. The first batch of Nucoin will be issued on Polygon's network and distributed as an airdrop to customers, who can then use the token for cashback purposes. Users can also participate in "staking," which rewards them with additional Nucoin tokens.

According to local reports, Nubank plans to introduce additional features for Nucoin, including new financial products such as derivatives, options, and futures contracts. The launch of Nucoin follows Nubank's incorporation of Bitcoin and Ethereum into its platform last year.

Nucoin is currently available to some of Nubank's 70 million customers, with nearly 2 million having already purchased cryptocurrency. All transactions using Nucoin will take place exclusively through the Nubank app.

The move into cryptocurrency comes as no surprise, as Nubank has been working on this initiative since October. The adoption of Nucoin will likely increase as the cashback incentive program is improved and customers are offered additional features and products.

A senior director at Nubank, Fernando Czapski, stated that the company is investing in the "transforming potential of blockchain technology" as well as its democratization, saying that it believes in the potential for blockchain technology to transform the world.

This is a significant development for Nubank and its customers, who can now take advantage of the company's cryptocurrency. With the backing of Warren Buffett, Nubank stands to gain traction in the growing cryptocurrency market.